State Comparison

New York vs Wyoming LLC

Side-by-side comparison of forming an LLC in New York vs Wyoming — fees, processing times, taxes, and decision factors to help you choose the right state for your business.

New York

Filing fee$200

Processing7–15 days

Annual report$9

State income tax4%-10.9% state + NYC 3.876%

Biennial Statement of Information, $9

Wyoming

Filing fee$100

Processing5–10 days

Annual report$60

State income taxNone

None

Lower state fees:

Wyoming — $160 total 1st-year state fees

Excludes franchise tax, registered agent, and other compliance costs

Pros and Cons

New York (NY)

Pros

Largest economy in the country with access to Wall Street capital
Strong B2B ecosystem
Major global city for many industries

Cons

Publication requirement: 6 weeks in 2 newspapers ($500-$2,000 depending on county)
NYC Unincorporated Business Tax (UBT) above $100K
High state income tax (4%-10.9% + NYC 3.876%)
Costly for small businesses at formation

Wyoming (WY)

Pros

Lowest ongoing costs in the US ($60 annual report)
Strongest charging order protection in the nation
No state income tax
Strong privacy — member names not public
LLC-friendly statute favors owners over creditors

Cons

Foreign qualification required if operating in another state
Less developed case law than Delaware
Not preferred by most institutional investors

Side-by-Side Comparison

Feature	New York	Wyoming
LLC filing fee	$200	$100
Corporation filing fee	$125	$100
Annual report fee	$9	$60
Processing time	7–15 days	5–10 days
State income tax	4%-10.9% state + NYC 3.876%	None
Franchise / entity tax	Biennial Statement of Information, $9	None
Popular formation state?	Yes	Yes

Which Should You Choose?

Choose New York if...

• Publication requirement alone can cost $2,000+ in NYC

• Better to form in home state and foreign qualify if needed

• You live or operate primarily in New York — forming locally avoids foreign qualification costs and compliance in multiple states.

Choose Wyoming if...

• Best for asset protection and holding companies

• Ideal for non-resident founders (US nexus without tax)

• You live or operate primarily in Wyoming — forming locally avoids foreign qualification costs and compliance in multiple states.

FAQ

Is it cheaper to form an LLC in New York or Wyoming?

New York charges $200 filing + $9 annual report. Wyoming charges $100 filing + $60 annual report. Wyoming is the cheaper option on state fees alone, though franchise tax and other compliance costs also matter.

Should I form my LLC in New York or Wyoming?

For most businesses, form in the state where you actually operate. New York (4%-10.9% state + NYC 3.876% state income tax) and Wyoming (None state income tax) each have their specific characteristics. If you physically operate in one of these states, form there. Forming in New York while operating in Wyoming (or vice versa) means paying fees in both states.

Can I form my LLC in New York and operate in Wyoming?

Yes, but you'll need to "foreign qualify" in Wyoming, which means paying a registration fee in Wyoming plus ongoing compliance in both states. You'll also typically owe Wyoming state taxes on income earned there regardless of where the LLC is formed. Forming in a single state (usually your home state) is typically cleaner and cheaper for small businesses.

What are the annual costs for an LLC in New York vs Wyoming?

New York: Biennial Statement of Information, $9 — plus $100-$300/yr for a registered agent. Wyoming: None — plus $100-$300/yr for a registered agent. Budget an additional $500-$2,000/yr for accounting, bookkeeping, and business license renewals regardless of state.

Which state has better asset protection — New York or Wyoming?

Asset protection varies by state statute. States like Wyoming, Nevada, and Delaware have the strongest charging-order-exclusive doctrines for LLC members. New York and Wyoming both offer LLC liability protection, but consult an attorney for state-specific asset protection planning if you have significant personal assets to shield.

New York resources

Wyoming resources

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Pros and Cons

New York (NY)

Pros

Largest economy in the country with access to Wall Street capital
Strong B2B ecosystem
Major global city for many industries

Cons

Publication requirement: 6 weeks in 2 newspapers ($500-$2,000 depending on county)
NYC Unincorporated Business Tax (UBT) above $100K
High state income tax (4%-10.9% + NYC 3.876%)
Costly for small businesses at formation

Wyoming (WY)

Pros

Lowest ongoing costs in the US ($60 annual report)
Strongest charging order protection in the nation
No state income tax
Strong privacy — member names not public
LLC-friendly statute favors owners over creditors

Cons

Foreign qualification required if operating in another state
Less developed case law than Delaware
Not preferred by most institutional investors

Feature

New York

Wyoming

LLC filing fee

$200

$100

Corporation filing fee

$125

$100

Annual report fee

$60

Processing time

7–15 days

5–10 days

State income tax

4%-10.9% state + NYC 3.876%

None

Franchise / entity tax

Biennial Statement of Information, $9

None

Popular formation state?

Yes

Which Should You Choose?

Choose New York if...

• Publication requirement alone can cost $2,000+ in NYC

• Better to form in home state and foreign qualify if needed

• You live or operate primarily in New York — forming locally avoids foreign qualification costs and compliance in multiple states.

Choose Wyoming if...

• Best for asset protection and holding companies

• Ideal for non-resident founders (US nexus without tax)

• You live or operate primarily in Wyoming — forming locally avoids foreign qualification costs and compliance in multiple states.